Credit Report Checks

Your consumer credit report is a key aspect of your personal identity, as it contains a record of your complete credit history, from every bank account, credit card and loan you have ever applied for through to any cell phone contracts or service agreements.  The report will also list how you have run these accounts, and whether you have fulfilled your repayment contracts or owe any money to your creditors.  This information is very valuable to you, as it will determine your credit score and good or bad credit name, and lenders will check your credit history and score to determine which credit products you are eligible for.  For example if you have a record of bad debt on your consumer credit report and consistent non repayments of loans or overdrafts, then your credit score will be poor, and this may mean you will not be accepted for the more competitive credit offers such as low rate mortgages, credit cards and loans.

It is important to check your credit report regularly, as your personal information could be stolen by identity thieves, and used to apply for credit products in your name.  Not only is this a fraudulent crime, it could also leave you facing any debts or charges that are run up in your name, and if you have a good credit score this could be damaged, making it difficult for you to apply for credit yourself until your case has been resolved.

You can request a free copy of your consumer credit report from the three main credit agencies Equifax, Experian and TransUnion, which you can then check through carefully to ensure all of the details are correct.  You should try and check through your credit report regularly throughout the year to help safeguard your credit name against the threat of identity theft, and it can also be a good idea to sign up to one of the leading identity theft protection services such as TrustedID, LifeLock and ID Patrol, as they offer 24/7 monitoring of your consumer credit report and will alert you if any suspicious activity has taken place.